US is closed for labour day holiday tonight, so by there are some profit taking today after SP was "3%+" up on Friday.
As long as news continue to support IO price, with stronger demand and reducing port inventory, plus strong outlook for the rest of the year, SP will take care itself, so just relax and let the traders play.
Umetal Stat for IO Port Inventory: 135.12MT down 1.14MT from last week.
Mysteel Stat for IO Port Inventory: 134.19MT down 0.54MT from last week.
SteelHome which is used by Platts should release their stat today or tomorrow and is most likely in line with other survey and shows a drop in IO Port Inventory.
Shorting FMG, good, it just mean a bigger bounce when shorts cover, hehe.
DYOR.
Frank.
Iron ore price, page-2872
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$21.51 |
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